Markets

Financial Sector Update for 10/05/2015: PTEN,WG,TRR,SU,SU.TO,COS.TO

Top Financial Stocks

JPM +2.06%

BAC +2.15%

WFC +2.22%

C +2.61%

USB +1.95%

Financial stocks were ending mostly higher, with the NYSE Financial Sector Index adding more than 2.1% and the S&P Financial 100 Index also rising nearly 2.1%.

In company news, Patriot National ( PN ) shares declined Monday after the property and casualty insurance underwriter today filed for an offering of common stock without saying how many shares it plans to sell or providing other terms of the deal.

The company said the bulk of the money raised through the upcoming offering will be used to repay outstanding debt. Patriot owed about $25.6 million under its revolving credit facility through the end of its Q2 on June 30, including debt accrued through its recent acquisition of Global HR Research LLC. It also has another $56.3 million in notes payable on its books, including $3 million in notes coming due over the next 12 months, according to the company's latest earnings report.

PN shares were down almost 8% at $15.43 apiece in late trade, earlier sinking to a session low of $15.01 a share.

In other sector news,

(+) WAC, Selects Denmar Dixon, currently board vice chairman, to be CEO and president, effective on Friday, Oct. 10. He succeeds Mark O'Brien, who is retiring as CEO but is staying in his role as board chairman.

(-) MAA, Cut to Neutral from Outperform at Robert W. Baird & Co., which also set an $84 price target for the stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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